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Implications of the Current Financial Crisis on SME Sector in Romania

Author

Listed:
  • Roman Angela
  • Ignatescu Valentina Diana

    () („Al. I. Cuza” University of Iasi)

Abstract

SME sector has an important role in national economies through its significant contribution to the creation of GDP and to increasing labour employment. The current crisis has seriously affected a substantial part of the SME sector in Romania, as in other world countries. Such an assessment can be explained by the fact that unlike large firms, SMEs are generally more vulnerable in times of crisis for several reasons, among which we mention: they can not reduce their size because they are already small, individually they are less diversified in terms of economic activities, have a weaker financial structure, they depend significantly on credit, have a lower credit rating, have fewer financing options due to limited access to financial markets. This paper aims to highlight the main effects of the current crisis on SMEs sector in Romania, the main problems it faces, and some anti-crisis measures taken by national authorities and some international institutions.

Suggested Citation

  • Roman Angela & Ignatescu Valentina Diana, 2010. "Implications of the Current Financial Crisis on SME Sector in Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1819-1824, May.
  • Handle: RePEc:ovi:oviste:v:10:y:2010:i:1:p:1819-1824
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    More about this item

    Keywords

    crisis; SME sector; financial market; current crisis;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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